MCQs on Income Tax Act - 6

1. Income from a farm house is.......................... 

A. Income from house property 
B. Income from business 
C. Agricultural income 
D. income from other sources



2. Incomes on which Income tax is not charged are called.............. 

A. Exceptional incomes 
B. Privileged incomes 
C. Exempted incomes. 
D. None of the above



3. Income accrued and received outside India is taxable in the hands of........................... 

A. Non-resident. 
B. Resident and ordinarily resident. 
C. Resident and not ordinarily. 
D. None of these residents.


4. Past untaxed income brought to India is taxable in the hands of................. 

A. Resident and not ordinarily resident. 
B. Resident and ordinarily resident. 
C. Non-resident. 
D. None of these.


5. Exempted incomes are defined under section................ 

A. 15 of income tax Act. 
B. 18 of income tax Act 
C. 10 of income tax Act. 
D. 20 of income tax Act.



6. Incomes absolutely exempt from Tax are listed under............................. 

A. Section 2
B. Section 10
C. Section 38
D. Section 80c


7. Scholarship granted is................... 

A. Fully exempted. 
B. Fully taxable. 
C. Partly exempted. 
D. None of these.


8. Any payments made under and awards instituted by central or state Governments are.............. 

A. Fully exempted 
B. Fully taxable 
C. Partly exempted. 
D. None of these. 


9. Allowances of MP/M.L.A / or M.L.C are. 

A. Fully exempted. 
B. Fully taxable. 
C. Partly exempted. 
D. None of these.


10. Income of political parties is not to be included in total income if certain conditions are satisfied. The relevant section of IT Act 1961 is. 

A. Section 13A 
B. Section 10d
C. Section 233B
D. Section 88G




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